The recent announcement of the launch of the E-charter permission platform by the ministry of shipping was warmly welcome to most in the yachting industry in Greece and abroad. With an annual rate of some 650+ non Greek yachts visiting the country every year it is simple to see what Greece has lost over the past decades by not harnessing the potential income for the country from this flow of vessels. In every other EU country these yachts were likely to visit for charter, the expectation was that they would pay a hefty amount in VAT. The refusal in Greece to allow this to happen is incomprehensible in fiscal terms so it is with huge pleasure for many that the law has finally been implemented allowing VAT to be collected without the need for unwieldy processes that are seen nowhere else in Europe! The further prohibition of these yachts from either starting a charter or finishing one in Greek waters did nothing to alter the numbers of yachts in Greek waters nor the number of charters carried out, it just served to make some people feel better while the possible income from the embarkation period was lost as was valuable VAT income. It stopped nothing in terms of visiting yachts.
The eastern Mediterranean is an increasingly attractive destination for international yachts, so it seems clear that the Greek government will see some substantial income this season from tax on these yachts. The new legislation will make clear the rights of these yachts and will create a new stream of income for Greece. A long awaited stream of income.
But it will not just increase the governments coffers it will offer business to innumerable small and Large businesses throughout the country. While Greek flagged crewed yachts are largely Athens based, non-Greek yachts spread their spending throughout the country helping less developed areas and smaller businesses to thrive.
The current legislation will allow yachts to charter in Greek waters for up to 28 days. This is a start but so many yachts want to spend more time than that in Greece. And this short amount of time will do nothing to help realise the government’s declared aim of offering Greece for homeporting. A substantial increase in the time allowed is the only way in which this can be realised. And then there will be questions of where this homeporting can happen, as Greece has a chronic shortage of marina space. Until that is solved homeporting on any scale will remain a distant dream.
But for now Greece will at last show it’s hospitable face to foreign yachts and welcome them during the summer season- and be richer, in every way, for it.